Hi All,
Like to know the tax implications in case of sale of land and also ways / investments which are eligible for tax saving, assuming the sale is a land and comes under long term holding
thanks and regards
g srinivasan (propreitor) (24 Points)
31 March 2012Hi All,
Like to know the tax implications in case of sale of land and also ways / investments which are eligible for tax saving, assuming the sale is a land and comes under long term holding
thanks and regards
CA Ankit Totla
(Practicing Chartered Accountant)
(469 Points)
Replied 31 March 2012
Section 54F.. residential property.
Jugal Mansharamani
(c)
(83 Points)
Replied 18 April 2012
do we have only this option? Mr.A has cg of 3 crores but he wants to buy property worth only 1 cr ,wat can he do with the balance 2 crores,can he invest 50 lacs in bond?
pls revert
CA Ankit Totla
(Practicing Chartered Accountant)
(469 Points)
Replied 19 April 2012
jugal, yes he can invest in bonds.. but if u read the section 54EC carefully thr are chaces that you can get deduction of upto 1 crore.
Jugal Mansharamani
(c)
(83 Points)
Replied 19 April 2012
yup i read it...thnks...bt property is sold in april 2012..so max in bonds is 50 lacs + 1 cr property...rest 1.5 crore has 2 b taxed or is there an option...
CA Ankit Totla
(Practicing Chartered Accountant)
(469 Points)
Replied 19 April 2012
suggestion would be that instead of paying taxes, deposit the same in CG A/c.. tht way u can atleast delay the tax incidence by 3 years even if u dunt wanna invest any further...
C.A Manish Arya
(C.A, M.B.A)
(408 Points)
Replied 19 April 2012
Ankit... Plz explain how can he get the exemption of another 1 crore through 54EC
Mihir Doshi
(B.Com, CA, CS, LLB)
(2187 Points)
Replied 19 April 2012
Dear Manish,
Investment u/s 54EC is allowed upto 50,00,000 per year and it is to be done within 6 months from the date of transfer of asset.
Suppose, you have sold the asset in the month of December with the capital gain of 1 crore then 50,00,000 you can invest by March and another 50,00,000 in next year by June. This way you can save 1 crore u/s 54EC.
Hope idea is clear.
Thanks
Mihir Doshi
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India